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Aussie dollar boosted by positive Chinese data

ByFIBO Group
Published 10/21/2014, 11:17 AM
Updated 03/09/2019, 08:30 AM

The Australian dollar broke through the US88.00 cents mark today trading around US88.10 cents after GDP numbers from China came in ahead of analysts’ expectations. Chinese growth for the September quarter came in at 7.3% against a consensus of 7.2% showing the local economy is still chugging along. The GDP data has been monitored closely for signs on whether the Chinese government will pump further stimulus into the economy to help with a slump in the property market and a slowdown in credit growth. Late last week, media reports said China's central bank is planning to inject 200 billion yuan (USD 32.6 billion) into the banking system, its latest targeted easing in recent months. This healthy GDP number may question the amount of money needed to stimulate the economy..

Market Economics managing director Stephen Koukoulas said the mildly positive response from markets was a sign of relief that the numbers were not worse."China is still growing at a decent to good pace, which is a marked difference to the mixed news coming out of the US and the unambiguously bad news out of the Europe," he observed. Other Chinese figures released today were more of a mixed bag, according to Mr Koukoulas.

The Aussie currency was also helped by a 1% rise in Iron ore prices to $81.60 per tonne which after hovering around 5 year lows for quite a while may have reached a bottom.

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